Cc 


Avery  Architectural  and  Fine  Arts  Library 
Gift  of  Seymour  B.  Durst  Old  York  Library 


RATES  AND  PROPOSALS 


()>■  THE 


NEW-YORK 


LIFE  INSURANCE  AND  TRUST  COMPANY, 


NO.  38  WALL-STREET, 


FOR 


Insurance  on  Lives,  Granting  Annuities.  Receiving  Money  in  Trust, 
and  the  Management  of  Trust  Estates. 


ACT  OF  INCORPORATION  PASSED  MARCH  9,  1830. 


JHeto;§ocfc  J 

CLAYTON  It.  VAN  NORDEN,  PRINTERS, 
No.  42  William-street. 


1830. 


ait 


TO  INCORPORATE  THE 

Stew- York  L<ife  Insurance  and  Trust  Company. 


Tassed  March  9,  1?30. 


The  People  of  the  State  of  New-York,  represented  in  Senate 
and  Assembly,  do  enact  as  follows : 

Sec.  I.  From  the  time  this  act  shall  commence  and  take  effect, 
William  Bard,  Stephen  Van  Rensselaer,  John  Jacob  Astor,  Mor- 
gan Lewis,  Edward  R.  Jones,  Charles  Wilkes,  Abraham  Blood- 
good,  Garrit  Storm,  Saul  Alley,  Gulian  C.  Verplanck,  Isaac 
Bronson,  Isaac  Lawrence,  James  G.  King,  Morris  Robinson, 
Elisha  Tibbits,  Robert  Lenox,  Samuel  Ward,  jun.,  Walter 
Bowne,  John  Duer,  Nathaniel  Prime,  Beverley  Robinson,  Wil- 
liam Paulding,  John  Mason,  John  Hone,  Peter  Augustus  Jay, 
Thomas  W.  Ludlow,  William  Goelet  Bucknor,  James  A.  Hamil- 
ton, James  Campbell,  Lynde  Catlin,  William  B.  Lawrence,  Ro- 
bert Troup,  Philip  Hone,  John  C.  Hamilton,  George  W.  Strong, 
Robert  Emmet,  Preserved  Fish,  Stephen  Whitney,  Peter  Rem- 
sen,  Thomas  J.  Oakley,  Goold  Hoyt,  Benjamin  Bailey,  Cadwal- 
lader  D.  Colden,  Eleazar  Lord,  John  Rathbone,  jun.,  James 
Kent,  Jesse  Oakley,  George  Griffin,  John  T.  Irving,  Ogden 
Hoffman,  William  James,  Herman  Le  Roy,  Isaiah  Townsend, 
John  Townsend,  Benjamin  Knower,  Archibald  Craig,  Thomas 
W.  Olcott,  Benjamin  F.  Butler,  James  King,  Edward  C.  Dela- 
van,  Peter  Lorillard,  and  all  such  persons  as  shall  hereafter  be- 
come stockholders  in  the  Company  hereby  incorporated,  shall  be 
a  body  politic  and  corporate,  by  the  name  of  The  New-York 
Life  Insurance  and  Trust  Company. 

Sec.  2.  In  addition  to  the  general  powers  and  privileges  of  a 
corporation,  as  the  same  are  declared  in  the  third  title  of  the  eigh- 
teenth chapter  of  the  first  part  of  the  Revised  Statutes,  the  corpw- 


A 


ration  hereby  created  shall  have  power,  I.  To  make  insurance 
on  lives.  2.  To  grant  and  purchase  annuities.  3.  To  make 
any  other  contingent  contracts,  involving  the  interest  of  money, 
and  the  duration  of  life.  4.  To  receive  moneys  in  trust;  to  ac- 
cumulate the  same  at  such  rate  of  interest  as  may  be  obtained  or 
agreed  on,  or  to  allow  such  interest  thereon  as  may  be  agreed  on, 
not  exceeding  in  either  case  the  legal  rate.  5.  To  accept  and 
execute  all  such  trusts,  of  every  description,  as  may  be  committed 
to  them  by  any  person  or  persons  whatsoever,  or  may  be  transfer- 
red to  them  by  order  of  the  Court  of  Chancery,  or  by  a  Surrogate. 

Sec.  3.  In  all  cases  where  an  application  shall  be  made  to  the 
Court  of  Chancery,  or  to  a  Surrogate  having  jurisdiction  for  the 
appointment  of  a  guardian  of  any  infant,  the  annual  income  of 
whose  estate  shall  exceed  the  sum  of  one  hundred  dollars,  the 
Court  of  Chancery  or  Surrogate  shall  have  power  to  appoint  the 
said  company  as  guardian  of  the  estate  of  such  infant. 

Sec.  4.  On  any  sum  of  money  not  less  than  one  hundred  dol- 
lars, which  shall  be  collected  or  received  by  the  said  company, 
in  its  capacity  of  guardian  or  receiver,  an  interest  shall  be  allow- 
ed by  the  said  company  of  not  less  than  the  rate  of  four  per  cent, 
annually,  which  interest  shall  continue,  until  the  moneys  so  re- 
ceived shall  be  duly  expended  or  distributed. 

Sec.  5.  Where  the  annual  income  of  an  infant,  of  whose  estate 
the  said  company  shall  be  a  guardian,  shall  exceed  the  sum  allowed, 
or  which  may  be  sufficient  for  the  education  and  support  of  such 
infant,  such  surplus  income  shall  be  accumulated  by  the  said  com- 
pany for  the  benefit  of  such  infant,  by  adding  interest  on  the  whole 
as  a  new  principal ;  and  the  interest  so  to  be  allowed  and  added 
on  such  accumulation,  shall  in  no  case  be  less  than  four  per  cent. 

Sec.  6.  No  bond  or  other  collateral  security  shall  be  required 
from  the  said  company,  when  appointed  guardian  or  receiver : 
but  all  investments  of  moneys  received  by  the  said  company  in 
either  of  such  characters,  shall  be  at  the  sole  risk  of  the  said  cor- 
poration ;  and  for  all  losses  of  such  moneys,  the  capital  stock, 
property  and  effects  of  the  said  corporation  shall  be  absolutely 
liable  ;  and  in  case  of  the  dissolution  of  the  said  company  by 
the  Legislature,  the  Chancellor,  or  otherwise,  the  debts  due  from 
the  company,  as  guardian,  shall  have  a  preference. 


Sec.  The  capital  of  the  said  corporation  shall  be  a  million 
of  dollars,  which  shall  be  divided  into  shares  of  one  hundred  dol- 
lars each.  The  whole  of  the  said  capital  shall  be  invested  in 
bonds  and  mortgages,  on  unincumbered  real  estate  within  the 
state  of  New- York,  and  at  least  one  half  thereof  shall  be  con- 
stantly so  invested  on  real  property  without  the  limits  of  the  city 
and  county  of  New- York.  The  real  property  mortgaged  to 
secure  any  investment  of  capital,  shall,  in  every  case,  be  double 
in  value  of  the  sum  charged  thereon. 

Sec.  8.  All  the  corporate  powers  of  the  said  company  shall  be 
exercised  by  a  board  of  trustees,  and  such  officers  and  agents  as 
they  shall  appoint.  The  board  of  trustees  shall  consist  of  thirty 
persons,  all  of  whom  must  be  citizens  of  this  state,  and  stockhold- 
ers. They  shall  elect  a  President  annually  from  their  own  body, 
and  shall  have  power  to  declare,  by  a  by-law,  what  number  of 
trustees  less  than  a  majority  of  the  whole,  shall  be  a  quorum  for 
the  transaction  of  business. 

Sec.  9.  The  Trustees  shall  severally  hold  their  offices  during 
good  behaviour ;  but  the  Chancellor  shall  have  like  power  to  re- 
move a  trustee,  upon  the  application  of  a  person  interested,  as  he 
now  possesses,  to  remove  a  trustee  under  the  provisions  of  the 
Revised  Statutes. 

Sec.  10.  Every  vacancy  happening  in  the  board  of  trustees, 
by  death,  resignation,  or  otherwise,  shall  be  supplied  by  the  choice 
of  the  remaining  trustees  ;  and,  in  all  cases,  the  votes  of  two 
thirds  of  all  the  trustees,  for  the  time  being,  shall  be  requisite  to 
a  choice.  No  person  shall  be  eligible  who  shall  not  have  been 
openly  nominated  at  a  meeting  of  the  trustees,  at  least  one  month 
before  the  day  on  which  the  election  is  held ;  and  the  name  of 
every  person  so  nominated,  shall  be  published  for  three  successive 
weeks  previous  to  the  day  of  election,  in  one  or  more  of  the  public 
newspapers  in  the  city  of  New-York,  and  in  the  state  paper. 

Sec.  11.  The  following  persons  shall  constitute  the  first  board 
of  trustees :  William  Bard,  Stephen  Van  Rensselaer,  Isaac  Bron- 
son,  James  Kent,  Gulian  C.  Verplanck,  Abraham  Bloodgood, 
Edward  R.  Jones,  John  Jacob  Astor,  Saul  Alley,  John  Duer, 
Robert  Lenox,  Walter  Bowne,  Nathaniel  Prime,  Philip  Hone, 


0 

Fetor  Augustus  Jay,  John  Mason,  Peter  Lorillard,  Tliomas  W. 
Ludlow,  William  B.  Lawrence,  Jonathan  Goodhue,  Samuel 
Thompson,  William  James,  Peter  Remsen,  Isaiah  Townsend, 
Benjamin  Knowcr,  Stephen  Whitney,  Benjamin  F.  Butler,  Tho- 
mas J.  Oakley,  Edward  C.  Dclavan,  and  Garrit  Storm.  Their 
power  and  authority  as  trustees,  shall  commence  on  the  day  on 
which  this  act  shall  commence  and  take  effect  as  a  law. 

Sec.  12.  The  hoard  of  trustees,  within  six  months  after  this 
act  shall  be  in  force,  shall  appoint  a  committee  of  not  less  than 
three,  nor  more  than  five  of  their  own  number,  whose  duty  itshall 
be,  at  the  time  and  place  fixed  by  them  for  that  purpose,  to  open 
books  for  receiving  subscriptions  to  the  capital  stock.  The  books 
shall  be  opened  at  the  hour  of  ten  in  the  morning,  and  shall  be 
kept  open,  from  time  to  time,  by  adjournment,  till  the  whole  stock 
shall  be  subscribed.  Public  notice  shall  be  given,  for  at  least 
thirty  days,  in  two  papers  in  the  city  of  New-York,  and  in  the 
state  paper,  of  the  time  and  place  of  opening  the  books  for  re- 
ceiving subscriptions  to  the  capital  stock  cf  the  said  corporation. 

Sec.  13.  Each  subscriber  shall,  at  the  time  of  subscription, 
pay  to  the  committee  receiving  the  same,  the  sum  of  ten  dollars 
on  each  share  by  him  subscribed  :  and  after  the  shares  shall  have 
been  distributed  and  allotted,  each  stockholder  shall  pay  the  whole 
amount  remaining  due  on  the  shares  so  held  by  him,  within  twelve 
months  thereafter,  at  such  time  and  place  as  the  trustees  shall  ap- 
point, of  which  at  least  three  weeks  public  notice  shall  be  given. 
The  shares  of  every  stockholder  omitting  to  make  such  payment, 
6hall  be  forfeited,  together  with  all  previous  payments  made 
thereon  ;  and  the  books  shall  be  again  opened,  as  directed  in  the 
last  section,  for  subscription,  and  so,  from  time  to  time,  till  all  the 
shares  are  subscribed  and  paid  for. 

Sec.  14.  Every  trustee  named  in  this  act  shall  be  a  stockholder 
to  the  amount  of  five  thousand  dollars  at  least;  and  any  trustee 
not  becoming  a  stockholder  to  the  amount  of  five  thousand  dol- 
lars, within  six  days  after  the  books  are  opened  for  subscription, 
shall  cease  to  be  a  trustee ;  and  the  seat  of  every  trustee  thereaf- 
ter ceasing  to  be  a  stockholder,  shall  be  immediately  declared 
vacant. 


Sec.  15.  No  loan  shall  be  made,  directly  or  indirectly,  to  any 
trustee ;  but  every  trustee  may  secure  the  shares  of  stock  possessed 
by  him  by  his  own  bond  and  mortgage,  on  unincumbered  real 
estate. 

Sec  16.  The  certificates  of  stock,  and  of  moneys  received  in 
trust,  issued  by  the  said  corporation,  shall  be  assignable  on  the 
books  of  the  company,  according  to  such  regulations  as  the  board 
of  trustees  shall  establish ;  but  no  alteration  or  change  shall  be 
made  in  the  regulations  so  established,  unless  by  an  order  of  the 
Chancellor,  made  on  a  petition  of  a  majority  of  the  trustees. 

Sec.  17.  The  trustees  shall  have  a  discretionary  power  of  in- 
vesting the  premiums  and  profits  received  by  the  company,  and 
the  moneys  received  by  them  in  trust,  in  public  stocks  of  the  Uni- 
ted States,  or  of  any  individual  state,  or  in  the  stock  of  any  in- 
corporated city,  or  of  the  bank  of  the  United  States,  or  in  such 
real  or  personal  securities  as  they  may  deem  proper ;  but  the  said 
company  shall  not  hold  stock  in  any  private  incorporated  com- 
pany beyond  twenty-five  thousand  dollars. 

Sec.  18.  The  board  of  trustees  shall  exhibit  annually  to  the 
Chancellor,  on  such  day  as  he  shall  appoint,  a  full  statement  of 
their  affairs,  in  such  form,  and  verified  in  such  manner,  as 
the  Chancellor  shall  direct.  The  Chancellor,  should  he  deem 
it  proper,  may  refer  such  statement  to  one  of  the  masters  of 
his  court,  with  directions  to  make  a  full  and  thorough  in- 
vestigation into  the  affairs  and  management  of  the  company, 
and  to  report  his  opinion  in  relation  to  the  ability  and  integrity 
with  which  its  affairs  are  conducted,  the  prudence  and  safety  of 
its  investments,  the  security  afforded  to  those  by  whom  its  en- 
gagements are  held,  and  the  advantage  derived  by  the  public 
from  its  operations.  The  expenses  of  every  investigation  so  made 
shall  be  defrayed  by  the  company. 

Sec.  19.  Upon  the  exhibition  of  any  such  annual  statement, 
or  upon  the  coming  in  of  a  master's  report  thereon,  the  Chancel- 
lor may  recommend  to  the  trustees  such  alterations  and  amend- 
ments in  the  regulations  and  by-laws  of  the  company  as  he  shall 
deem  to  be  required  by  the  public  good,  and  a  just  regard  to  the 
security  of  the  creditors.    If  any  recommendation,  so  made  by 


him,  shall  be  neglected,  or,  without  just  cause,  disregarded  by  the 
trustees,  the  Chancellor  shall  make  a  full  communication  of  the 
facts  to  the  legislature,  at  the  first  session  thereafter. 

Sec.  20.  A  copy  of  every  statement  so  made,  and  of  every 
report  of  a  master  thereon,  shall  be  transmitted  to  the  Comptroller, 
by  the  president  of  the  company,  within  thirty  days  after  it  shall 
have  been  made  or  received. 

Sec.  21.  The  fourth  section  of  the  third  title  of  chapter  eigh- 
teen of  the  first  part  of  the  Revised  Statutes,  shall  not  be  con- 
strued to  prohibit  the  said  company  from  engaging  in  any  of  the 
operations  therein  mentioned,  so  far  as  the  same  may  be  necessary 
or  proper  for  the  purpose  of  obtaining  or  making  remittances  of 
its  funds,  from  or  to  any  of  its  officers,  agents,  or  creditors,  or 
stockholders;  except  that  the  said  company  shall  not,  in  any  case, 
or  for  any  purpose,  issue  its  own  bills,  notes,  or  other  evidences 
of  debt,  upon  loan,  or  for  circulation  as  money. 

Sec.  22.  For  all  losses  of  money  which  the  capital  stock  shall 
not  be  sufficient  to  satisfy,  the  trustees  shall  be  responsible,  in  the 
same  manner,  and  to  the  same  extent,  that  the  trustees  are  now 
responsible  in  law  or  equity. 

Sec.  23.  The  sections  of  the  Revised  Statutes,  from  the  four- 
teenth to  the  twenty-fifth,  both  inclusive,  of  the  first  article  of  the 
second  title  of  chapter  eighteenth  of  the  first  part  of  the  Revised 
Statutes,  shall  not  be  applicable  to  the  corporation  hereby  created. 

Sec.  24.  The  legislature  shall  have  power,  at  any  time  here- 
after, to  repeal,  alter,  or  modify  this  act,  or  any  of  its  provisions. 

Sec.  25.  This  act  shall  not  be  construed  to  confer  on  the  said 
company  any  right  or  power  to  make  any  contract,  or  to  accept 
or  execute  any  trust  whatever,  which  it  would  not  be  lawful  for 
any  individual,  under  the  general  rules  of  law  which  are  or  shall 
be  in  force,  to  make,  accept,  or  execute. 

State  of  Neiv-York — Secretary's  Office. 

I  CERTIFY  the  preceding  to  be  a  true  copy  of  an  original  act 
of  the  legislature,  on  file  in  this  office. 

A.  C.  FLAGG,  Sec'yof  State. 

Albany,  March  9,  1830. 


TRUSTEES  NAMED  IN  THE  CHARTER. 


WILLIAM  BARD, 
STEPHEN  VAN  RENSSELAER, 
ISAAC  BRONSON, 
JAMES  KENT, 
EDWARD  C.  DELAVAN, 
GULIAN  C.  VERPLANCK, 
ABRAHAM  BLOODGOOD, 
THOMAS  J.  OAKLEY, 
JOHN  JACOB  ASTOR, 
JAjpSS  M'BRIDE, 
JOHN  DUER, 
JOHN  HONE, 
WALTER  BOWNE, 
STEPHEN  WHITNEY, 


E.  A.  NICOLL,  Secretary. 


NATHANIEL  PRIME, 
JOHN  MASON, 
THOMAS  W.  LUDLOW, 
BENJAMIN  F.  BUTLER, 
WILLIAM  B.  LAWRENCE, 
JONATHAN  GOODHUE, 
SAMUEL  THOMPSON, 
WILLIAM  JAMES, 
PETER  REMSEN, 
ISAIAH  TOWNSEND, 
BENJAMIN  KNOWER, 
JOHN  RATHBONE,  Jun. 
NICHOLAS  DEVEREUX. 


WILLIAM  BARD,  President. 


STANDING  COMMITTEES,  dtc 


June,  July,  and  August,  1830. 


Committee  of  Finance. 
Nathaniel  Prime, 
John  Mason, 
Abraham  Bloodgood, 
Stephen  Whitney. 


Of  Investments. 
Isaac  Bronson, 
William  B.  Lawrence, 
Thomas  W.  Ludlow, 
Samuel  Thompson. 


Of  Trusts. 
James  Kent, 
Gulian  C.  Verplanck, 
John  Duer, 
Thomas  J.  Oaklet. 


V  The  President  is,  ex  officio,  a  member  of  eacli  of  the  Standing  Com- 
mittees. 


1NTROJ M  (  TORY  REMARKS. 


A  person  insures  his  life  with  a  Company,  when  he  agrees  to 
pay  a  premium  annually,  for  a  period,  or  during  life  ;  or  a  gross 
sum,  on  condition  that  the  Company  to  whom  he  pays  it  will, 
when  he  dies,  pay  to  any  individual  he  may  nominate  to  receive 
it, — to  his  widow,  his  child,  or  his  friend, — another  and  a  greater 
sum. 

A  person  contracts  with  a  Company  for  an  endowment,  when  he 
pays  a  sum  down,  or  annually  for  a  certain  number  of  years,  on 
condition  the  Company  will  pay  the  person  he  may  nominate  to 
receive  it,  another  and  a  greater  sum,  at  a  future  period,  should 
that  person  so  long  live. 

A  person  purchases  an  annuity  from  a  Company,  when  he  pays 
to  that  Company  a  gross  sum,  on  the  condition  that  the  Company 
will  pay  him  an  annual  allowance  as  long  as  he  lives.  It  is  call- 
ed a  reversion,  when  the  annuity  is  to  be  enjoyed  after  the  extinction 
of  some  other  life;  and  a  deferred  annuity,  when  the  annuity  is 
postponed  a  certain  number  of  years — and  then  it  may  be  paid 
for  in  annual  instalments  a  limited  number  of  years. 

In  all  these  cases,  the  money  paid  and  received  is  fixed  by  cal- 
culation, founded  on  tables  of  observation,  by  which  is  determined 
the  number  of  years  an  individual  of  any  age  has  a  chance  of 
living. 

In  England  and  Scotland,  Companies  for  insuring  lives,  grant- 
ing annuities,  and  contracting  for  endowments,  have  been  in  use 
more  than  a  century.  In  Boston  and  Philadelphia,  similar  Com- 
panies have  been  in  successful  operation  for  several  years,  their 
business  increasing  in  proportion  as  their  citizens  become  better 
acquainted  with  the  advantages  they  offer. 

Though  in  this  state  there  have  been  attempts  to  establish  ofiiccs 
for  the  insurance  of  lives,  yet  hitherto  they  have  been  unsuccessful. 


The  cause  dI  their  failure  it  is  imjI  necessary  to  statu.  To  in;il<< 
such  an  institution  uscfu*  or  successful,  it  must  command  confi- 
dence ;  the  Trustees  of  the  New-York  Life  Insurance  and  Trust 
Company  hope  to  do  this — 


From  the  capital  pledged,  One  Million. 


The  permanent  manner  in  which  that  capital  is  to  be  secured 
within  one  year — By  bond  and  mortgage  on  real  estate,  one  half, 
at  least,  out  of  the  city  and  county  of  New-York.  The  property 
mortgaged  to  be  double  in  value  the  amount  loaned. 


The  mode  in  which  the  Company's  affairs  are  to  be  administer- 
ed— By  a  board  of  Trustees,  who  are  themselves  to  fdl  up  vacan- 
cies occasioned  by  death,  resignation,  or  removal ;  by  which  pro- 
vision the  insecurity  of  a  fluctuating  direction,  dependent  on  the 
opinion  and  will  of  stockholders,  is  avoided. 


The  publicity  which  is  to  be  given  to  all  transactions,  through 
the  full  statement  which  is  annually  to  be  made  of  the  Company's 
affairs  to  the  Chancellor. 


The  large  interest  which  each  Trustee  is  required  to  hold  in 
the  capital  stock. 


The  provision  contained  in  the  charter,  forbidding  the  Trustees 
to  borrow  from  the  Company,  or  on  any  occasion  to  be  indebted 
to  the  Company,  except  for  the  amount  of  stock  each  Trustee  holds, 
the  amount  due  on  which  he  is  authorized  to  secure  by  his  own 
bond  and  mortgage. 


13 


The  power  ol'  removing  either  or  any  of  the  Trustees,  vested  in 
the  Chancellor  and  in  two  thirds  of  the  Trustees,  should  a  Trustee 
prove  unfit  or  unworthy  the  situation. 


The  care  and  supervision  of  the  affairs  of  the  Company  with 
which  the  act  of  incorporation  intrusts  the  Chancellor  of  the 
State. 


It  will  be  observed,  that  by  the  charter,  the  Trustees  are  re- 
quired to  loan  the  capital  of  the  Company  on  bond  and  mortgage, 
and  that  the  property  on  which  loans  are  made  must  be  double 
in  value  the  amount  of  the  money  loaned.  The  Trustees  will  be 
careful  in  every  instance  that  the  property  on  which  the  capital 
is  loaned  is  at  least  of  the  required  value ;  but  it  is  not  to  be 
understood  that  they  will  always  loan  on  these  terms ;  they  will 
exercise  their  judgment  in  determining,  from  the  nature  of  the 
property,  its  situation,  the  probability  of  its  rise  or  fall,  and  other 
circumstances,  how  far  it  is  safe  to  do  so,  and  be  governed  in 
regard  to  the  amount  they  loan  below  one  half,  by  the  conclusion 
they  come  to  on  these  points.  Nor  will  they  be  less  cautious  in 
disposing  of  money  placed  with  them  in  the  way  of  business. 
Having  in  view  safety  more  than  profit,  and  always  bearing  in 
mind  the  important  duty  they  have  to  perform  of  protecting  the 
property  of  others,  they  will  in  no  instance  dispose  of  the  money 
intrusted  to  them,  but  upon  ample  security.  Nothing  is  prescribed 
in  the  charter  as  to  the  character  of  the  property  on  which  this 
portion  of  the  money  in  their  hands  shall  be  secured  ;  but  the 
Trustees  will  not  be  less  careful  to  provide  that  in  every  in- 
stance the  security  is  abundant,  and  will  consider  the  doing  so, 
as  the  most  important  duty  they  have  to  perform,  on  the  strict 
observance  of  which  will  equally  depend  the  best  interests  of  the 
stockholders,  and  of  those  who  deposit  with  them  their  property. 

The  Trustees  solicit  their  fellow  citizens  to  reflect  on  the  op- 
portunity afforded  them  by  the  Company  over  which  they  pre- 
side, of  guarding  themselves,  their  families,  and  friends,  against 


n 


i  lie  vicissitudes  to  wliicli  all  arc  subject,  from  the  uncertainty 
of  life  and  its  affairs.  Their  best  exertions  will  be  devoted 
to  conducting  the  business  of  the  Company  with  prudence  and 
care,  to  making  the  institution  useful  to  the  country,  and  honour- 
able to  themselves  ;  in  doing  which,  they  hope  to  gain  the 
stockholders  a  just  remuneration  for  the  security  their  capital 
affords  to  those  doing  business  with  the  Company,  to  give  pro- 
tection and  safety  to  families  whose  parents  repose  confidence  id 
them,  and  to  secure  the  approbation  of  their  fellow  citizens. 


PROPOSALS. 


The  Trustees  oi*  the  New- York  Life  Insurance  and  Trust 
Company  offer  to  the  public  the  following  explanation  of  the 
intended  business  of  the  Institution. 

It  may  be  divided  into  the  following  branches : 

1st.  Insurance  upon  lives,  and  the  purchase  and  sale 

OF  ANNUITIES. 

id.  Receiving  moneys  on  trust,  paying  interest  there- 
on, AND  ACCUMULATING  THE  SAME. 

3d.  The  management  of  trust  estates. 


I.  insurance  upon  lives,  and  granting  annuities. 

The  Company  propose  to  insure  lives,  and  grant  and  purchase 
annuities,  and  to  enter  into  other  contracts  of  a  similar  character, 
so  as  to  accommodate  persons  of  every  age,  and  in  every  situation 
of  life. 

For  a  premium  specified  in  the  Tables,  a  person  can  secure  to 
his  \vidoiv  or  children  the  payment  of  such  a  sum  of  money  as 
may  be  necessary  for  their  comfortable  support  after  his  death. 

Thus  every  individual,  the  support  of  whose  family  depends  on 
a  salary  paid  for  his  personal  services — men  in  public  offices,  the 
clergy,  clerks  in  counting-houses,  those  depending  on  trades  and 
professions — by  laying  aside  a  small  portion  of  their  income,  or  of 
their  annual  profits,  will  be  able  to  save  their  wives  and  children 
from  the  pecuniary  distress  which  the  sudden  death  of  the  husband 
or  parent  might  bring  upon  them. 

By  an  insurance  of  the  life  of  the  debtor,  creditors,  the  payment 
of  whose  debts  depend  on  that  life,  will  be  able  to  secure  the  receipt 
of  ihr  sum  which  is  due  to  them. 


[6 

Tenants  for  life  will  also  be  enabled,  by  an  insurance,  lo  receive 
at  the  termination  of  their  estates,  the  sum  originally  paid  for  tlx 
lease,  and  thus  to  secure  the  means  of  making  a  new  purchase. 

A  person  possessed  of  an  estate  for  life,  and  having*  occasion 
for  a  sum  of  money  on  the  security  of  such  estate,  may  effect  his 
purpose  by  making  an  insurance  of  his  life. 

A  parent  wishing  to  leave  his  farm  or  real  property  to  a  son, 
by  an  insurance  on  his  life  may  provide  for  the  future  interests  of 
his  daughters  or  other  children. 

A  husband  possessed  in  right  of  his  wife  of  an  estate,  which  at 
her  death  passes  to  others,  may  secure  to  himself  and  heirs  the 
value  of  the  estate,  by  making  insurance  on  the  life  of  his  wife. 

A  parent  wishing  to  provide  a  sum  of  money  for  a  child  against 
he  arrives  of  age,  that  he  may  have  something  with  which  he  may 
commence  business,  may  by  an  endowment  secure  such  sum  to 
be  paid  him,  should  he  live  to  arrive  at  the  proposed  age. 

These  are  a  few  of  the  circumstances  under  which  life  insurance 
or  an  endowment  may  be  made  to  promote  the  comfort  and  hap- 
piness of  families,  and  facilitate  the  operations  of  individuals. 


The  purchase  of  an  annuity  is  frequently  equally  important. 

A  young  man,  by  an  annual  appropriation  of  a  part  of  the 
proceeds  of  his  labour,  may  purchase  of  the  Company  a  deferred 
annuity,  producing  an  important  income  in  old  age,  or  an  annuity 
in  reversion,  to  be  paid  to  his  wife  or  to  his  children,  in  case  they 
should  survive  him. 

An  aged  person,  whose  income  is  not  sufficient  for  his  main- 
tenance, can  exchange  his  capital  for  a  life  annuity,  and  thus  pro- 
vide for  an  expenditure  much  exceeding  the  simple  interest  of  his 
money,  without  fear  of  being  reduced  to^poverty,  if  he  should  live 
to  an  extreme  old  age. 

By  a  life  annuity,  a  wife  can  obtain  an  equivalent  for  the  sur- 
render of  her  right  of  dower,  or  the  assignees  of  a  bankrupt's 
estate  can  extinguish  a  claim  for  dower. 

In  one  or  other  of  these  Avays, — either  by  an  insurance,  or 


by  the  purchase  ol'  an  annuity,  m-  by  an  endowment — those  who 
look  with  anxiety  to  securing  for  themselves  the  advantage  of 
independence  in  old  age,  or  who  interest  themselves  in  the  wel- 
fare of  a  wife,  a  child,  or  a  friend,  and  who  are  unprovided  with 
funds  adequate  to  the  object  of  their  wishes,  may  accomplish  them 
without  any  great  sacrifice  of  their  immediate  convenience  or  en- 
joyments. 

CONDITIONS  TO  BE  OBSERVED  BY  PERSONS  DESIRING 
INSURANCE. 

Persons  desiring  insurance  on  lives  must  state  the  name,  resi- 
dence, and  occupation  of  the  party  on  whose  life  the  insurance  is 
proposed  to  be  made  ;  the  precise  age  of  such  party,  the  place  of 
birth,  whether  employed  in  any  military  or  naval  service,  and 
whether  afflicted  with  any  ailment  tending  to  shorten  life. 

They  must  obtain  the  certificate  of  a  medical  gentleman  nomi- 
nated by  the  company,  and  of  a  friend,  as  to  these  points.  They 
must  also  sign  a  declaration,  verifying  the  above  particulars,  as 
the  basis  of  the  contract  between  the  insured  and  the  institution  ;  in 
which,  if  any  false  or  fraudulent  representations  shall  be  used,  all 
claim  on  account  of  any  policy  so  obtained  shall  be  void  ;  and 
the  moneys  which  shall  have  been  paid  upon  account  of  such 
insurance  shall  be  forfeited. 

No  person  can  insure  the  life  of  another,  unless  he  has  an  in- 
terest in  such  life. 

Policies  of  insurance,  and  reversionary  contracts,  made  at  the 
rates  of  premium  mentioned  in  the  tables,  are  void,  if  the  person 
whose  life  is  insured  die  upon  the  seas,  or  upon  any  of  the 
great  lakes ;  or  shall,  without  the  consent  of  the  Company  pre- 
viously obtained,  pass  beyond  the  settled  limits  of  the  United 
States,  except  within  the  settled  limits  of  the  British  Provinces 
of  the  two  Canadas,  Nova  Scotia,  or  New-Brunswick  ;  or  shall, 
without  previous  consent  obtained,  visit  those  parts  of  the  United 
States  which  lie  south  of  the  southern  boundaries  of  the  states  of 
Virginia  and  Kentucky  ;  or  shall,  without  such  previous  consent, 
enter  into  any  military  or  naval  service  whatsoever,  (the  militia 
not  in  actual  service  excepted.) 

3 


re 


Policies  embracing  any  or  all  of  the  risk*,  as  to  climate,  naval 
or  military  service,  or  otherwise,  as  above  excluded,  will  be  granted 
at  an  increased  rate  of  premium,  and  by  special  agreement. 

But  in  all  cases,  policies  shall  be  void  if  the  assured  die  by  his 
own  hands,  in,  or  in  consequence  of  a  duel,  or  by  the  hands  of 
justice,  or  in  the  known  violation  of  any  law  of  this  state,  or  of 
the  United  States,  or  of  the  country  in  which  he  may  happen  to 
be  at  the  time  of  his  death. 

A  policy  will  take  no  effect  till  the  premium  is  paid,  and  will 
be  void  if  the  annual  premium  is  not  paid  the  day  it  falls  due ; 
but  it  may  be  revived  within  fifteen  days,  on  payment  of  a  fine  ef 
ten  per  cent,  on  the  premium,  and  on  producing  sufficient  proof 
of  health. 

Claims  will  be  settled  within  sixty  days  after  satisfactory  proof 
of  the  justice  of  the  claim  having  been  made. 

Annuities  must  be  demanded  by  the  annuitant  in  person,  or 
satisfactory  proof  must  be  given  that  the  annuitant  is  still  alive. 

Every  annuity  granted  by  the  Company  is  payable  yearly, 
unless  by  special  agreement.  By  special  agreement  it  may  be 
made  payable  quarterly  or  half-yearly.  The  annuity  will  cease 
on  the  part  of  the  Company  with  the  last  quarterly,  half-yearly, 
or  yearly  payment  that  may  become  due  prior  to  the  death  of  the 
annuitant. 

A  charge  of  one  dollar  will  be  made  for  each  policy  of  a  com- 
mon form  ;  but  where  a  special  contract  is  required,  the  expense 
of  drafting  it  must  be  borne  by  the  assured. 


lit.  RECEIVING  MONEYS  IN  TRUST. 

The  Company  will  receive  money  in  trust,  the  proceeds  to  be 
applied  in  all  the  various  ways  in  which  the  wishes  or  the  necessi- 
ties of  the  party  may  make  desirable ;  the  capital  to  be  returned, 
at  the  end  of  the  period  for  which  the  trust  was  granted,  to  him- 
self, to  his  personal  representatives,  or  to  such  person  as  he  may 
appoint  in  the  deed  of  trust. 


.  19 

A  parent,  wishing  to  provide  a  sum  for  a  child  to  commence 
business  when  he  arrives  at  the  age  of  twenty-one,  or  for  his  sup- 
port during  his  minority,  may  place  in  trust  with  the  Company 
any  sum  he  thinks  proper,  which  will  be  accumulated  at  the  rate 
of  interest  agreed  on,  and  the  amount  will  be  paid  over  to  the 
child  at  the  stated  period,  or  in  case  of  his  death,  to  any  other 
person  or  persons  appointed  to  receive  it.  The  Company  will 
also  undertake  to  pay  from  time  to  time  the  sums  that  may  be 
directed  in  the  deed  of  trust  for  the  infant's  support ;  the  balance 
of  interest  after  such  deduction  will  be  added  to  the  principal 
yearly,  and  this  without  any  trouble  to  the  guardians  or  executors, 
and  without  any  of  the  risks  or  losses  which  frequently  arise  from 
the  negligence  or  bankruptcy  of  private  trustees. 

In  the  same  manner  parents  may  secure  the  property  they  leave 
their  daughters,  the  proceeds  of  which  may  be  payable  to  their 
order  only,  and  not  be  liable  for  the  debts,  nor  affected  by  the 
extravagance  nor  misfortunes  of  their  husbands. 

It  it  unnecessary  to  go  further  in  stating  the  circumstances 
under  which  the  Company  propose  receiving  money  in  trust.  They 
will  be  limited  only  by  the  wishes  of  the  grantee  and  the  interests 
of  the  parties. 

The  Company  will  receive  moneys  in  trust,  and  issue  certifi- 
cates therefor,  on  the  following  conditions  : 

No  deposit  shall  be  received  under  one  hundred  dollars ;  nor 
shall  any  sum  less  than  that  amount  be  drawn,  unless  as  the 
balance  of  an  account. 

All  moneys  deposited  in  trust  for  a  shorter  term  than  one  year, 
shall  be  deposited  for  a  certain  number  of  months,  not  less  in  any 
case  than  two  months  from  the  date  of  the  deposit. 

Interest  at  the  rate  of  three  per  cent,  per  annum  will  be  allowed 
on  moneys  not  deposited  for  a  longer  term  than  four  months. 
Where  the  term  shall  exceed  four  months,  and  be  less  than  a  year, 
four  per  cent,  will  be  allowed.  Where  the  deposit  shall  exceed  a 
year,  the  rate  of  interest  shall  be  settled  by  special  agreement. 

In  all  cases  where  the  moneys  in  trust  shall  not  be  withdrawn 
at  the  expiration  of  the  trust,  they  shall  remain  with  the  Company 


lor  another  j>erioci  of  Dot  less  than  thirty  da\ ■>,  and  be  allowed  liit 
same  interest  as  if  originally  deposited  for  the  extended  period. 

Where  the  trust  shall  exceed  a  year,  interest  may  be  made 
payable  before  the  principal  .shall  become  due,  annually,  half- 
yearly  or  quarterly,  as  may  be  agreed  on. 

Where  the  trust  shall  be  for  a  shorter  term  than  a  year,  no  in- 
terest will  be  paid  until  the  principal  become  due. 

When  moneys  so  deposited  in  trust  for  a  period  less  thau  a 
year  shall  have  remained  in  deposit  for  sixty  days,  the  same  may 
be  withdrawn  at  any  time  thereafter,  and  before  the  period  for 
which  the  deposit  was  originally  made  ;  but  in  such  cases  no 
interest  will  be  paid  on  such  deposit. 

The  above  conditions  shall  not  extend  to  moneys  deposited  by 
order  of  the  court  of  Chancery,  or  any  other  court ;  on  which 
moneys  interest  will  be  paid  according  to  the  terms  of  the  charter, 
and  the  arrangements  made. 


IH.  TRUST  ESTATES. 

The  mo>i  important  branch  of  the  business  of  the  Company 
\  et  remains  to  be  noticed ;  namely,  the  management  of  trust  estates. 
It  is  from  the  faithful  and  judicious  exercise  of  their  corporate 
pow  ers  on  this  subject,  that  the  most  extensive  public  benefits  may 
be  expected  to  flow. 

The  Company  are  authorized  by  their  charter  to  accept  and 
execute  trusts  of  every  description,  w  hether  committed  to  them  by 
individuals  or  by  courts  of  justice.  They  are,  therefore,  empow  - 
ered to  act  as  trustees  under  last  w  ills  and  testaments,  as  guardians 
of  the  estates  of  infants,  as  receivers  of  the  property  and  effects  of 
insolvents,  dissolved  or  suspended  corporations,  as  the  committee 
of  the  estates  of  lunatics,  and  as  assignees  for  the  benefit  of  cre- 
ditors. 

None,  who  are  much  conversant  with  the  actual  business  of 
life,  or  whose  inquiries  have  been  directed  to  the  subject,  can  be 
ignorant  that  vast  sums  are  annually  lost  through  the  negligence, 
delinquency,  and  insolvency  of  executor-,  guardian-,  and  other 


21 


trustees ;  and  even  where  trustees  are  solvent,  large  losses  may, 
and  constantly  do,  accrue  to  the  estates  intrusted  to  them,  for 
which  they  cannot  be  charged,  since  they  are  only  personally  lia- 
ble in  cases  of  gross  negligence  or  actual  fraud. 

Estates  confided  to  the  Company,  there  is  no  exaggeration  in 
saying,  will  be,  in  a  great  measure,  if  not  entirely,  exempt  from  the 
hazards  which  render  so  perilous,  even  where  the  utmost  caution 
is  employed,  the  selection  of  individual  trustees  ;  since  the  Com- 
pany will  assume  the  risk  of  all  investments  made  by  them  of  trust 
funds,  and  pledge  their  whole  capital  for  their  repayment  at  the 
stipulated  rate  of  interest.  Nor  is  this  all :  executors,  &ic.  may 
retain  in  their  hands,  or  suffer  to  be  idle,  considerable  sums,  for 
which  they  pay  no  interest  whatever,  and,  except  in  special  cases, 
they  are  not  chargeable  with  compound  interest. 

But  the  Company  will  allow  interest  at  the  rate  that  may  be 
stipulated,  on  their  acceptance  of  the  trust,  on  all  sums  exceeding 
$100,  received  by  them  from  the  trust  estate,  and  will  accumulate, 
by  allowing  compound  interest  thereon,  at  the  same  rate,  annual 
balances  not  required  for  disbursement  during  the  ensuing  year. 

Nor  have  we  yet  enumerated  all  the  grounds  on  which  the  pub- 
lic confidence  may  be  claimed  in  the  execution  of  trusts  of  this 
description.  The  permanent  character  of  the  Board  of  Trustees, 
and  the  large  interest  which  each  Trustee  is  required  to  hold  in 
the  capital  stock — the  certainty  that  none  will  be  elected  to  vacan- 
cies but  men  of  established  reputation  for  prudence,  capacity,  and 
integrity — the  report  to  be  made  annually  to  the  Chancellor,  and 
the  full  and  thorough  examination  of  all  the  affairs  of  the  Com- 
pany which  he  will  annually  direct,  seem  to  furnish  all  the  securi- 
ties which  the  most  cautious  vigilance,  and  even  the  solicitude  of 
the  most  anxious  parent,  could  well  require. 

In  the  execution  of  these  trusts  the  Company  will  charge  the 
same  commissions  as  are  allowed  bv  law  to  other  trustees  ;  but  the 
rate  of  interest  to  be  paid  must  pe  regulated  bv  special  agree- 
ment, on  the  acceptance  of  the  trim. 


12 


INSURANCE  ON  LIVE8. 

Table  I.  sliows  the  rate  at  which  an  insurance  may  be  effected 
of  %  100  on  a  single  life,  for  one  year,  seven  years,  or  for  the  whole 
duration  of  life. 

Example. — The  sum  of  $100  may  be  insured  on  the  life  of  a 
person  aged  31,  payable  to  any  one  the  insured  may  direct,  in  case 
of  its  failure  within  one  year,  for  $1  85  ;  within  seven  years,  by 
paying  annually  $1  96;  whenever  the  death  shall  happen,  by 
paying  annually  till  that  event  $3,  and  so  in  proportion  for  a 
greater  or  less  sum — thus,  $3000  may  be  insured  one  year,  at  the 
above  age,  for  $55  50.  . 

Table  II.  shows  the  annual  premium  (payable  during  the  con- 
tinuance of  the  life  insured)  for  the  insurance  of  $100  on  the  con- 
tingency of  one  life's  surviving  another. 

Example. — By  the  annual  payment  of  $3  25,  as  long  as  they 
shall  both  live,  a  man  aged  40  may  insure  to  his  child,  aged  10, 
$100  at  his  decease,  in  case  it  should  survive  him. 

Thus,  five  times  the  above  sum,  or  $16  25,  paid  annually,  as 
above,  will  secure  to  the  child  $500. 


ANNUITIES. 

Table  III.  shows  the  rates  at  which  the  Company  will  grant 
an  annuity  of  $100  on  a  single  life,  at  any  age  between  48 
and  74. 

Thus,  at  the  age  of  60,  a  person  may  secure  an  annuity  of 
$100  by  the  payment  of  $1070,  and  of  $500  by  the  payment  of 
$5350. 

These  annuities  are  generally  purchased  by  persons  somewhat 
advanced  in  age  ;  the  table  therefore  begins  at  48,  but  annuities 
will  be  granted  on  younger  lives,  should  applications  for  such  be 
made  to  the  Company. 

Table  IV.  shows  the  rates  at  which  an  annuity  of  $100  may 


23 

•  * 

be  purchased,  the  first  payment  to  be  made  when  the  party  is  50 
years  old. 

The  purchase  may  be  made  by  a  single  payment,  or  by  annual 
payments  till  the  party  has  a  right  to  claim  the  first  annuity. 

Example. — A  person  aged  21,  by  paying  in  one  sum  $323  37, 
or  by  paying  annually  $20  21,  until  he  attains  the  age  of  50 
years,  will  be  entitled  to  a  deferred  annuity  of  $  1 00,  the  first  pay- 
ment to  be  made  when  he  is  50. 

Table  V.  shows  what  annuity  will  be  paid  for  the  same 
purchase  money,  the  ages  being  the  same  as  are  mentioned  in  the 
last  table,  and  supposing  the  commencement  of  the  annuity  post- 
poned. 

Example. — Take  the  age  and  purchase  money  mentioned  in 
the  last  example — then  if  the  person  is  aged  21,  by  paying  the 
sum  of  $323  37,  and  postponing  the  payment  of  the  first  annuity 
to  51,  he  will  receive  $107  76 — to  56,  and  he  will  receive 
$161  21. 

From  this  and  table  IV.  it  appears  that  a  person  who  depends 
on  his  labour,  by  putting  apart  two  dollars  of  his  wages  per 
month  from  the  time  he  is  21  till  he  is  fifty,  may  secure  an  annuity 
of  $118  75  after  that  period,  or  $208  92  per  annum  if  the  first 
payment  is  deferred  till  he  is  57  years  old. 

Table  VI.  shows  the  rate  at  which  an  annuity  can  be  pur- 
chased for  a  wife,  in  case  she  should  survive  her  husband,  the  first 
payment  to  be  made  one  year  after  his  death  ;  or  for  a  child,  in 
case  it  should  survive  its  father,  the  first  payment  to  commence 
one  year  after  his  death  ;  and  in  general  for  one  life  in  case  it 
should  survive  another. 

Example. — A  man  30  years  of  age,  having  a  wife  aged  20, 
by  paying  at  the  time  of  purchase  $508  80,  or  by  making  annual 
payments  of  $35  65,  as  long  as  they  shall  both  live,  may  procure 
an  annuity  of  $100,  payable  annually  to  his  wife,  in  case  she 
should  survive  him,  and  as  long  as  she  lives. 


24 


ENDOWMENTS. 

Table  VII.  shows  the  sum  which  the  Company  will  pay  to  the 
party  for  whom  an  endowment  is  purchased,  if  he  should  attain  the 
age  of  21,  for  §100  purchase  money  received  hy  the  Company  at 
the  ages  mentioned  in  the  tahlc. 

Thus  for  Si 000  paid  at  the  time  of  the  birth  of  the  child,  the 
Company  will  pay  him  at  the  age  of  21  years,  if  he  he  then 
living,  83,708  40. 


It  should  be  stated,  that  the  tables  do  not  include  all  the 
risks  which  the  Company  intend  to  take,  nor  all  the  terms  on 
which  annuities  will  be  granted ;  others  may  be  proposed  and 
accepted;  and  whenever  this  is  the  case,  the  calculation  will  be 
made,  necessary  to  determine  the  rate  the  party  applying  ought 
to  pay. 

Also,  that  the  tables  are  copies  of  those  used  by  the  Massachu- 
setts Life  Insurance  Company.  They  Irave  the  experience  of  that 
respectable  institution  to  recommend  them,  and  its  learned  Actuary 
has  with  liberality  permitted  the  use  of  them  by  the  New- York 
Life  Insurance  and  Trust  Company. 


TABJLE  I. 

Of  the  rates  of  insurance  of  one  hundred  dollars  on 
a  single  life. 


Ages. 

1  year. 

7  years. 

For  life. 

Ap'es 

1  year. 

7  years. 

For  life. 

36 

$2.03 

$2.18 

$3.37 

10 

37 

2.07 

2.24 

3.45 

to 

$ 

$ 

$ 

38 

2.12 

2.30 

3.54 

14 

0.98 

1.18 

2.07 

39 

2.15 

2.35 

3.64 

15 

0.99 

1.25 

2.12 

40 

2.23 

2.43 

3.74 

16 

1.06 

1.35 

2.18 

41 

2.31 

2.50 

3.84 

17 

1.16 

1.43 

2.24 

42 

2.39 

2.56 

3.94 

18 

1.27 

1.51 

2.29 

43 

2.45 

2.63 

4.05 

19 

1.37 

1.56 

2.35 

44 

2.50 

2.71 

4.17 

20 

1.50 

1.62 

2.39 

45 

2.56 

2.79 

4.29 

21 

1.59 

1.66 

2.45 

46 

2.62 

2.89 

4.41 

22 

1.61 

1.68 

2.49 

47 

2.69 

2.99 

4.54 

23 

1.63 

1.70 

2.54 

48 

2.76 

3.10 

4.68 

24 

1.65 

1.73 

2.59 

49 

2.87 

3.21 

4.83 

25 

liUO 

T  77 

9  (\A 

OKJ 

T  ft1* 

^  ^A 

A  QQ 

26 

1.71 

1.79 

2.70 

51 

3.15 

3.45 

5.14 

27 

1.73 

1.83 

2.76 

52 

3.24 

3.56 

5.30 

28 

1.77 

1.86 

2.81 

53 

3.35 

3.68 

5.48 

29 

1.80 

1.89 

2.87 

54 

3.46 

3.82 

5.66 

30 

1.82 

1.92 

2.93 

55 

3.57 

3.96 

5.85 

31 

1.85 

1.96 

3.00 

56 

3.69 

4.11 

6.05 

32 

1.89 

1.99 

3.06 

57 

3.S3 

4,26 

6.27 

33 

1.92 

2.02 

3.14 

58 

3.97 

4.43 

G.50 

34 

1.95 

2.07 

3.21 

59 

4.13 

4.62 

6.75 

35 

2.00 

2.13 

3.29  I 

60 

4.29 

4.80 

7.00 

4 


26 


TABLE  JI. 

Of  the  rules  far  insuring  one 
hundred  dollar*  to  be  paid 

at  the  drrew  of  A.,  provi- 
ded he  dirt  before  H. 


AGES. 


Life 
insured. 
A 


20 


i-.  30 
C 
B 
— 
a 

u 

O 

-a 
c 

« 

SE  40 


4) 

o 
<5 


50 


60 


Expect- 
ant. 

B 


Annua)  ! 
I'mni-  1 
inn. 


10 

20 

30| 
10 
50; 
GO 
701 


o 


$2.01 
2.03 
1.97 
1.91 
1.84 
1.76 
1.68 


rT1  io 

a  20 

30 

10 

50 
60 
70 


-  10; 

|  20' 

8  30 
a.  40 

B  50 
|  60| 
70! 


10 

20 

'o  30; 

fee  40 
«4  50 

60 

70 


10 
20 
30 
pq  40 
50 
60 
70 


2.50 
2.53 
2.44 
2.35 
2.25 
2.13 
2.01 


3.25 
3.29 
3.20 
3.07 
2.90 
2.71 
2.53 


4.45 
4.50 
4.40 
4.28 
4.06 
3.71 
3.38 


6.42 
6.50 
6.39 
6.27 
6.08 
5.63 
4.94 


TABLE  III. 

Of  I  he  rules  at  which  the  Company 
Will  grant  an  immediate  annuity 
of  one  hundred  dollars,  on  a  tin- 
gle life,  at  the  uges  sperijied  in 
the  Table.  Tlu  payments  to  he 
made  annually,  commencing  one 
year  after  making  the  grant. 


[Sum  jmid  down 
Agce.  for  uurchaso  of 
the  Annuity. 

Rate  of  In- 
terest al- 
lowed. 

48 

$1341.90 

87.45 

49 

1315.30 

7.60 

50 

1300.00 

7.69 

51 

1280.00 

7.81 

52.  1260.00 

7.94 

53'  1240.00 

6.06 

:  54 

1220.00 

8.20 

,  55 

1200.00 

8.33 

56 

1175.00 

8.51 

57 

1150.00 

8.70 

58 

1125.00 

8.89 

59'  1100.00 

9.09 

i  60 

1070.00 

9.35 

61 

1045.00 

9.57 

62 

1020.00 

9.80 

63 

995.00 

i  t  i  1 1 

IV.UO 

64 

970.00 

10.31 

65 

940.00 

10.64 

66 

910.00 

10.99 

67 

880.00 

11.36 

68 

850.00 

11.76 

69 

820.00 

12.20 

70 

790.00 

12.66 

7} 

7S0.00 

12.82 

72 

770.00 

12.99 

73 

760.00 

13.16 

74 

750.00 

13.33 

TABLE  IV. 


Showing  the  rates  at  which  an  annuity  of  one  hundred  dollars  can 
be  purchased,  the  first  payment  to  be  made  when  the  party  is  50 
years  old;  the  purchase  money  to  be  either  in  a  single  payment, 
or  by  annual  payments,  continued  to  the  time  of  the  first  pay- 
ment of  the  annuity. 


Ages.  | 

Single 
payment. 

Annual 
payments. 

|  Ages. 

Single 
payment. 

Annual 
payments. 

Ages. 

Single 
payment. 

Annual 
payments. 

10 

$196.62 

$10.56 

|22 

$338.65 

$21.56 

34  $601.05 

$53.62 

11 

205.41 

11.16 

23 

354.68 

23.03 

35 

631.50 

58.88 

12 

214.66 

11.80 

24 

371.48 

24.63 

36 

663.57 

64.93 

13 

224.37 

12.49 

'25 

389.10 

26.37 

37 

697.47 

71.97 

14 

234.56 

13.23 

26 

407.65 

28.29 

38 

733.33 

80.26 

15 

245.30 

14.02 

27 

427.10 

30.40 

39 

771.2S 

90.11 

16 

256.70 

14.87!;  28 

447.66 

32.73 

40 

811.77 

102.03 

17 

268.77 

15.78129 

469.65 

35.31 

41 

855.36 

116.70 

18 

281.47 

16.76' 30 

493.29 

38.19 

42 

902.00 

135.14 

19 

294.78 

17.82  31 

518.26 

41.39 

43 

951.76 

158.96 

20 

308.73 

18.97i32 

544.54 

44.98 

21 

323.37 

20.21,33 

572.12 

49.03 

TABLE  V. 


Age  to  which 

Annuity  paya- 

1 

Age  to  whichlAnmiity  paya- 

the  Annuity  is 

ble  at  the  pro- 

the annuity  is 

ble  at  the  pro- 

deferred. 

posed  age. 

deferred. 

posed  age. 

50 

$100.00 

57 

$175.92 

51 

107.76 

58 

192.47 

52 

116.34 

59 

211.18 

53 

125.84 

60 

232.37 

54 

136.37 

61 

256.42 

55 

148.09 

62 

283.69 

56 

161.21 

63 

314.73 

it: 


TABLE  VI. 

Of  the  rales  at  which  an  annuity  of  $100  can  be  purchased  jot 
a  wife,  in  case  she  should  survive  Iter  husband,  the  first  payment 
to  be  made  one  year  after  his  death  ;  or  for  a  child,  in  case  it 
should  survive  its  fa/her,  the  first  payment  to  commence  one  year 
after  his  death ;  and  in  general  for  one  life,  in  case  it  should 
survive  another. 


AGES. 


Life 
insured. 


Expect- 
ant. 


20 


30 


40 


20 
30 
40 
50 


Single  |  Annual 
payment,  j  pay  men  l 


8 

429.00 
357.70 
288.70 
216.90 


20  508.80 
301423.00 
40338.00 
50'251.20 


28.46 
25.06 
21.89 
18.54  -5 


AGES. 


35.65 
31.06 
26.63 
22.12 


Life 
insured. 


Expect- 
ant. 


20-6 17.60 
30515.80 
40410.10 
50  300.50 


46.84  ,  o 
40.64 
34.25 
27.66 


50 


a 

— \° 
60  o 


70  ^ 


20 
30 
40 
50 

20 
30 
40 
50 


Single  !  Annual 
payment,  payment 


$ 

766.30 
649.50 
521.00 
379.90 


$ 

65.50 
57.19 
47.96 
37.73 


20 
30 
40 
50 


984.40 
854.10 
705.20 
530.80 


1224.60 
1084.20 
921.00 
721.50 


103.42 
91.73 
78.17 
62.00 


172.07 
154.67 
134.18 
108.44 


TABLE  VII. 


Sum  to  be 

Sum   to  be 

Sum  to  be 

Ages. 

paid  at  the 
age  of  21,  if 
alive. 

Ages. 

paid  at  the 
age  of  21,  if 
alive. 

Ages. 

paid  at  the 
age  of  21,  if 
alive. 

Birth 

$376.84 

5  years 

$210.53 

13  years 

$144.12 

3  months 

344.28 

6 

198.83 

14 

137.86 

6  months 

331.46 

7 

188.83! 

15 

131.83 

9  months 

318.90 

8 

179.971 

16 

125.97 

1  voar 

306.58; 

9 

WL.fi 

17 

120.31 

2 

271.03 

10 

164.46 

18 

114.89 

3 

243.69 

11 

157.43 

19 

109.70 

4 

2-25.42 

12 

150.64] 

20 

104.74 

BY-LAWS. 


1.  There  shall  be  a  stated  meeting  of  the  Trustees  on  the  first  Tuesday 
in  every  month,  to  which  a  report  shall  be  made  by  the  President  of  the  con- 
cerns and  business  of  the  Company  during  the  past  month,  stating  particu- 
larly the  contracts  that  have  been  made,  the  sums  of  money  that  have  been 
received,  and  on  what  account,  the  manner  in  which  the  same  shall  have 
been  invested,  and  the  amount  remaining  on  hand. 

2.  The  President  may  call  a  special  meeting  of  the  Trustees  whenever  he 
shall  deem  it  proper.  He  shall  also  call  a  special  meeting  whenever  any 
three  of  the  Trustees  shall  request  him  in  writing  to  do  so.  Every  stated  or 
special  meeting  shall  be  called  by  a  notice  in  writing  to  each  Trustee. 

3.  Nine  Trustees  shall  be  a  sufficient  number  to  form  a  quorum  for  the 
transaction  of  business;  but  no  by-law  shall  be  adopted,  nor  any  change  or 
alteration  made  in  the  by-laws  before  established,  unless  at  a  meeting  at 
which  a  majority  of  the  whole  number  of  Trustees  shall  be  present,  and  upon 
a  report  of  a  Committee  apointed  for  that  purpose. 

4.  The  President  shall  preside  at  all  meetings  of  the  Trustees.  He  shall 
be  a  member,  ex-officio,  of  all  Standing  Committees.  He  shall  attend  the 
meetings  of  any  special  Committee  when  required  by  the  Chairman. 

6.  The  President  and  Secretary  shall  have  power  to  make  contracts  of  in- 
surance on  life,  and  for  granting  annuities,  in  the  name  of  the  Company,  and 
to  execute  the  same;  and  shall  also  have  power  to  receive  moneys  in  trust, 
where  the  rate  of  interest  to  be  allowed  shall  not  exceed  four  per  cent. 

9.  The  following  Standing  Committees,  to  consist  each  of  four  Trustees, 
exclusive  of  the  President,  which  Committees  shall  hold  their  offices  until 
others  are  appointed  in  their  room,  shall  be  elected  quarterly  by  ballot,  at  a 
meeting  at  which  not  less  than  a  majority  of  the  whole  number  of  Trustees 
shall  be  present:  namely,  a  Committee  of  Finance,  a  Committee  of  Invest- 
ments, and  a  Committee  of  Trusts. 

10.  The  Committee  of  Finance  shall  superintend  and  direct  all  investments 
that  shall  be  made  of  the  funds  of  the  Company,  other  than  its  capital,  in 
stocks,  and  personal  securities;  and  shall  receive  and  audit  all  accounts 
against  the  Company. 

11.  The  Committee  of  Investments  shall  superintend  and  direct  all  in- 
vestments that  shall  be  made  of  the  capital  and  other  funds  of  the  Company, 
in  bonds  and  mortgages,  or  other  real  securities. 

12.  The  Committee  of  Trusts  shall  have  the  general  superintendence  of  all 
special  trusts !  and  no  guardianship,  receivership,  or  other  special  trust,  shall 


30 

be  accepted  by  lue  1'rctiiUeiii  in  beliali  if  the  Coiuuiitiee  wituout  their  appro 
bation  and  concurrence,  nor  without  their  approbation  shall  any  moneys  be 
received  in  trust,  on  which  a  greater  interest  than  four  per  cent,  shall  be  al- 
lowed. 

13.  The  three  Standing  Committees  shall  together  form  a  general  Stand- 
ing Committee,  whose  duty  it  shall  be  to  determine  from  time  to  time  what 
funds  of  the  Company,  other  than  its  capital,  shall  be  invested  in  bonds  and 
mortgages,  and  other  real  securities,  and  what  foods  in  stocks,  and  other  per- 
sonal securities. 

14.  Regular  minutes  of  the  proceedings  and  resolutions  of  each  Committee 
shall  be  kept  in  books  to  be  provided  for  that  purpose ;  and  each  Committee 
shall  make  a  monthly  report  of  its  proceedings  to  the  Board. 

17.  Separate  books  of  transfer  shall  be  kept,  in  which  transfers  of  shares 
of  capital  stock,  and  of  certificates  of  trust,  where  the  same  are  assignable, 
shall  be  entered  by  the  person  entitled  to  make  such  transfer,  or  his  special 
attorney  ;  but  in  every  such  transfer  the  certificate  before  issued  shall  be  do 
livercd  up.  and  a  new  certificate  or  certificates  shall  be  issued. 


FORMS  OF  THE  BLANKS 

USED  BY  THE  COMPANY. 


No.  t. 

Particulars  required  from  Persons  proposing  to  effect  Assurances  on  lives  in 

this  Company. 

1.  Name,  Residence,  and  Occupation 
of  the  Party,  on  whose  behalf  the 
Assurance  is  proposed. 

2.  Name,  Residence,  and  Occupation,  1 
of  the  Party  whose  life  is  proposed  > 
to  be  Assured.  ) 

3.  Place  and  date  of  Birth. 

4.  Age  next  Birth-day. 

5.  Is  the  Party,  whose  Lile  is  to  be  > 
Assured,  Married  or  Single  ?  \ 

6.  Has  the  Party  resided  abroad,  and  > 
if  so,  where,  and  for  what  period  ?  \ 

7.  Has  the  Party  been,  or  is  he,  em-  ) 
ployed  in  the  Military  or  Naval  v 
service  ?  ) 

8.  Has  the  Party  had  the  Small  Pox  ? 

9.  Has  the  Party  had  the  Cow  Pox  ? 


10.  Has  the  Party  had  the  Gout  ? 


11.  Has  the  Party  been  afflicted,  since  " 
his  childhood,  with  Rupture,  Fits,  1 
Dropsy,  Asthma,  or  Spitting  of  | 
Blood,  and  which  ? 


12.  Has  the   Party   been  afflicted, 
during  the  last  seven  years,  i 
any  severe  or  constitutional 
ease,  and  what  ? 


dieted,  -v 
s,  with  ( 
al  dis-  / 


13.  Is  the  Party  now  afflicted  with  any  ) 
disease  or  disorder,  and  what  ?  f 

14.  Name  and  residence  of  the  Par- 
ty's usual  Medical  Attendant,  or 
(if  he  have  none)  of  some  other 
Medical  Person,  to  be  referred  to 
for  Information,  as  to  his  health. 


32 


15.  Name  and  Residence  of  an  inti-  i 

mate  Friend,  to  br  referred  to  for  i 

similar  Information.  \ 

16.  Sum  to  be  Assured.  $ 

17.  Term  for  which  the  Assurance  is  i 

required.  r 

18.  Ib  the  Party  aware,  that  any  un-") 
true  or  fraudulent  allegation,  j 
made  in  effecting  the  proposed  I 
Assurance,  will  render  the  Policy  J 
void,  and  that  all  payments  of  | 
Premium,  made  thereon,  will  be  | 
forfeited  ?  j 


N.  B.  Peraeoi  proposing  an  Awurance,  are  desired  to  anjwer  all  the  questions;  to  fill  up  one  of  the 
declaration*,  and  le  affix  their  Signature*  in  the  presence  of  a  YVitneaa,  previou*  to  tratiamuaioa  to 
this  office. 


Declaration  to  be  made  and  signedby  a  Person  proposing  to  make  an  Assurance 

on  his  oven  Life. 

Ii  ,  of  ,  in  the  County  of  ,  in  the  State  of  r 

the  Person  described  on  the  other  side,  being  desirous  of  effecting  an  Assu- 
rance with  the  New-York  Life  Insurance  and  Trust  Company,  in  the  sum  of 

 Dollars,  upon  my  own  Life,  during  the*  ,  do  hereby  declare, 

that  ray  age,  next  Birth-day,  will  be  Years  :  That  I  have  had 

the  Small  Pox :  That  1  have  had  the  Cow  Pox :  That  I  have  

had  the  Gout :  That  I  have  not  been  afflicted  with  Rupture,  Fits,  Dropsy, 
Asthma,  or  Spitting  of  Blood ;  and  that  I  am  not  now  afflicted  with  any  Dis- 
order that  tends  to  the  shortening  of  Life.  And  I  hereby  agree  that  this 
declaration  shall  he  the  basis  of  the  Contract  between  myself  and  the  said 
Company  :  And  if  any  untrue  or  fraudulent  allegation  is  contained  in  this 
Declaration,  all  Moneys  which  shall  have  been  paid  to  the  Company  on  ac- 
count of  t  he  Assurance  to  be  made  in  consequence  thereof,  shall  be  forfeited 
for  the  benefit  of  the  said  Company.    And  I  do  hereby  further  declare,  that 

——  ,  of  ,  my  Medical  Referee,and  ,  of  , 

my  private  Friend,  are,  in  my  belief,  fully  competent  to  give  information  as 
to  my  present  and  general  state  of  health. 

Dated  this  day  of  ,  in  the  year  of  our  Lord  one  thousand 

eight  hundred  and  .  « 

Witness,  Signed, 


Declaration  to  be  made  and  signed  by  a  Person  proposing  to  make  an  Assurance 
f  on  the  Life  of  another. 

I,  ,of  ,  in  the  County  of  ,in  the  State  of—  , 

one  of  the  Persons  named  on  the  other  side,  being  desirous  of  effecting  an 
Assurance  with  the  JVew-  York  Life  Insurance  and  Trust  Company, in  the  6um 

of  Dollars,  upon  the  Life  of  ,  of  .,  in  the  County 

of  ,in  the  State  of  ,  the  other  person  described  on  the  otrrcr  side, 

during  the*  ,  do  hereby  declare,  that  the  a^e  of  the  said  , 

next  Birth-day,  will  be  Years :  That  he  has  had  the  Small  Pox : 


Whole  cominnar.ee  thereof. 
Or.  term  of  Yean.  . 


That  lie  has  1 —  had  the  Cow  Pox:  That  he  lias  hatl  the  Gout:  And 

that  he  has  not  been  afflicted  with  Rupture,  Fits,  Dropsy,  Asthma,  or  Spit- 
ting of  Blood ;  and  that  he  is  not  now  afflicted  with  any  Disorder  which 
tends  to  the  shortening  of  Life.  And  that  I  have  an  interest  in  the  Life  of  the 

said  ,  to  the  full  amount  of  the  said  sum  of  Dollars.    And  I 

hereby  agree  that  this  declaration  shall  be  the  basis  of  the  Contract  between 
myself  and  the  said  company :  And  if  any  untrue  or  fraudulent  allegation  is 
contained  in  this  Declaration,  all  Moneys  which  shall  have  been  paid  to  the 
said  company,  on  account  of  the  Assurance  made  in  consequence  thereof, 
shall  be  forfeited  for  the  benefit  of  the  said  Company.  And  I  do  hereby  further 

declare,  that  ,  of  ,  the  Medical  Referee,  and   

 ,  of  ,  are,  in  my  belief,  fully  competent  to  give  informations  as 

to  the  present  and  general  state  of  health  of  the  said  — . 

Dated  this  day  of  ,  in  the  year  of  our  Lord  one  thousand 

eight  hundred  and  . 

Witness,  Signed. 


No.  2. 

Proposal  for  the  purchase  of  an  immediate  or  deferred  Annuity, 
Endoioment,  or  deferred  Sum. 

Date — The  day  of  18 


Name  and  Residence  of  the  Purchaser — 


Whether  immediate  or  deferred  Annu- 
ity, Endowment,  or  deferred  Sum,  is 
proposed  to  be  purchased,  with  the 
amount  thereof. 


Name,  Occupation,  Residence,  Place, 
and  Date  of  birth,  of  the  Party  on 
whose  Life  the  transaction  is  con- 
tingent. 

In  case  of  deferred  Annuity  or  deferred 
Sum,  the  Age  at  which  the  Annuity 
is  to  be  entered  upon,  or  at  which  the 
Sum  is  to  be  received. 


Amount  of  Consideration,  exclusive  of' 
expenses,  and  whether  by  single  or  ' 
annual  Premium.  ' 


DECLARATION  OF  AGE,  TO  BE  SIGNED  BY  THE  PURCHASER. 
I,  ,  do  hereby  declare  that  the  present  age  of  ~ 


the  above  named*  ;  and  this  declaration  is  the  basis  of  the 

Contract  above  proposed  to  be  entered  into  between  me  and  the  New- York 

*  In  purchasing  an  immediate  Annuity,  the  Declaration  is  to  act  forth  that  the  age  is  not  under  so 
many  yean ;  and  in  deferred  Annuity,  Endowment,  or  deferred  Sum,  that  the  age  does  not  erctrd  so 
irmnv  vears  or  months. 

5 


.31 

Life  Insurame  and  Truti  Company,  and  eh  (lie  truth  thereof  the  vahdifv 

of  such  Contract  will  depend.  l)at»d  tine  dav  of———,  in  the  year 

of  our  Lord  one  thousand  eight  hundred  und  . 

Witness. 


No.  3. 

This  Policy  of  Insurance  witnessclh,  that  I  ho  J\"nc-York  Life  Insurance 

u>ui  T rtul  C<Hnpun>j,  in  consideration  of  the  sum  of  dollars  and  

cents,  to  thein  in  hand  paid  by  .  and  of  the  annual  premium  of 

 dollars  and  cents,  to  be  paid  on  or  before  the  day  of 

 in  every  year  during  the  continuance  of  this  Policy,  do  assure  the 

Life  of  ,  of  ,  in  the  county  of  ,  state  of———,  in 

the  amount  of  dollars,  

And  the  said  Company  do  hereby  promise  and  agree,  to  and  with  the  said 

assured,  executors,  administrators,  arid  assigns,  well  and  truly  to  pay,  or 

cause  to  be  paid,  the  said  sum  insured,  to  the  said  assured,  executors, 

administrators,  or  assigns,  within  sixty  days  after  due  notice,  and  proof  of 

the  death  of  the  said  . 

Provided  always,  and  it  is  hereby  declared  to  be  the  true  intent  and  meaning 
of  this  Policy,  and  the  same  is  accepted  by  the  assured  upon  these  express 

conditions,  that  in  case  the  said   shall  die  upon  the  seas,  or  on  any 

of  the  great  lakes,  or  shall,  without  the  consent  of  this  Company  previously 
obtained,  and  endorsed  upon  this  Policy,  pass  beyond  the  settled  limits  of 
the  United  States,  (excepting  into  the  settled  limits  of  the  British  Provinces 
of  the  two  Canadas,  Nova  Scotia,  or  New-Brunswick, )or  shall,  without  such 
previous  consent  thus  endorsed,  visit  those  parts  of  the  United  States  which 
lie  south  of  the  southern  boundaries  of  the  states  of  Virginia  and  Kentucky; 
or  shall,  without  such  previous  consent  thus  endorsed,  enter  into  any  military 
or  naval  service  whatsoever,  (the  militia  not  in  actual  service  excepted ;)  or 
in  case  he  shall  die  by  his  own  hand,  in,  or  in  consequence  of  a  duel,  or  by 
the  hands  of  justice,  or  in  the  known  violation  of  any  law  of  these  states,  or 
of  the  United  States,  or  of  the  said  Provinces,  this  Policy  6hall  be  void,  null, 
and  of  no  effect. 

And  it  is  also  understood  and  agreed  to  be  the  true  intent  and  meaning 

hereof,  that  if  the  declaration  made  by  the  said  ,  and  bearing  even 

date  herewith,  and  upon  the  faith  of  which  this  agreement  is  made, 
shall  be  found  in  any  respect  untrue,  then  and  in  such  case  this  policy  shall 

be  null  and  void  :  or  in  case  the  said  shall  not  pay  the  said  annual 

premiums  on  or  before  the  several  days  herein  before  mentioned  for  the  pay- 
ment thereof,  then  and  in  every  such  case  the  said  Company  shall  not  be 
liable  to  the  payment  of  the  sum  insured,  or  any  part  thereof,  and  this 
policy  shall  cease  and  determine. 

And  it  is  further  agreed,  that  in  every  case  where  this  policy  shall  cease, 
or  become  or  be  found  void,  all  previous  payments  made  thereon  shall  be 
forfeited  to  the  said  Company. 

In  witness  whereof,  the  said  New-  York  Life  Insurance  and  Trust  Company 
have,  by  their  President  and  Secretary,  signed  and  delivered  this  Contract, 
this  day  of  .  one  thousand  eight  hundred  and  . 


This  Policy  of  Insurance  witnessetli,  that  the  New-York  Life  Insurance 

and  Trust  Company,  in  consideration  of  the  sum  of  dollars  and  

cents  to  them  in  hand  paid  by  ,  and  of  the  annual  premium  of 

 dollars  and  cents,  to  be  paid  on  or  before  the  day  of 

 in  every  year  during  the  continuance  of  this  Policy,  do  assure  the 

Life  of  ,  in  the  county  of  ,  state  of  ,  in  the  amount 

of  dollars,  ,  in  which  sum  the  said  assured  claims  to  be  inte- 
rested hi  the  life  of  the  said  . 

And  the  said  Company  do  hereby  promise  and  agree,  to  and  with  the  said 

assured,  executors,  administrators,  and  assigns,  well  and  truly  to  pay, 

or  cause  to  be  paid,  the  said  sum  insured,  to  the  said  assured,  executors, 

administrators,  or  assigns,  within  sixty  days  after  due  notice,  and  proof  of 
the  death  of  said  ,and  of  the  interest  and  loss  of  the  said  as- 
sured  . 

Provided  always,  and  it  is  hereby  declared  to  be  the  true  intent  and 
meaning  of  this  policy,  and  the  same  is  accepted  by  the  assured  upon  these 

express  conditions,  that  in  case  the  said  shall  die  upon  the 

seas,  or  in  any  of  the  great  lakes,  or  shall,  without  the  consent  of  this  Com- 
pany previously  obtained,  and  endorsed  upon  this  Policy,  pass  beyond  the 
settled  limits  of  the  United  States,  (excepting  into  the  settled  limits  of  the 
British  Provinces  of  the  two  Canadas,  Nova  Scotia,  or  New-Brunswick,)  or 
shall,  without  such  previous  consent  thus  endorsed,  visit  those  parts  of  the 
United  States  which  lie  south  of  the  southern  boundaries  of  the  states  of 
Virginia  and  Kentucky;  or  shall,  without  such  previous  consent  thus  endor- 
sed, enter  into  any  military  or  iiavuhaHatfce  whatsoever,  (the  militia  not  in 
actual  service  excepted;)  or  in  case  l^Pnall  die  by  his  own  hand,  in,  or  in 
consequence  of  a  duel,  or  by  the  hands  of  justice,  or  in  the  known  violation  of 
any  law  of  these  states,  or  of  the  United  States,  or  of  the  said  Provinces,  this 
Policy  shall  be  void,  and  null,  of  no  effect. 

And  it  is  also  understood  and  agreed  to  be  the  true  intent  and  meaning 

hereof,  that  if  the  declaration  made  by  the  said  ,  and  bearing 

even  date  herewith,  and  upon  the  faith  of  which  this  agreement  is  made,  shall 
be  found  in  any  respect  untrue,  then  and  in  such  case  this  Policy  shall  be  null 
and  void :  or  in  case  the  said  shall  not  pay  the  said  annual  pre- 
miums on  or  before  the  several  days  herein  belbre  mentioned  for  the  payment 
thereof,  then  and  in  every  such  case  the  said  Company  shall  not  be  liable  to 
the  payment  of  the  6um  insured,  or  any  part  thereof ;  and  this  Policy  shall 
cease  and  determine. 

And  it  is  further  agreed,  that  in  every  case  where  this  Policy  shall  cease,  or 
become  or  be  found  void,  all  previous  payments  made  thereon  shall  be  forfeit- 
ed to  the  said  Company. 

In  witness  whereof,  the  said  New-York  Life  Insurance  and  Trust  Company 
have,  by  their  President  and  Secretary,  signed  and  delivered  this  contract, 
this  day  of  ,  one  thousand  eight  hundred  and  . 


No.  5. 

DEFERRED  ANNUITY  IN  TRUST. 
(male.) 

The  New-York  Life  Insurance  and  Trust  Company  acknowledge  to  have  re- 
ceived of-—  the  principal  sum  of  — — ,  upon  the  following  irrevo- 


36 

(  able  Trust :  That  the  said  company,  as  the  Trustees  of  ,  a  Donor 

now  the  age  of  f shall  and  will  accumulate  the  said  principal  sum,  by  al- 
lowing compound  interest  thereon,  at  the  annual  rate  of  per  cent,  un- 
til the  day  of  ,  in  the  year  of  our  Lord  one  thousand  eight  hundred 

and  ,  if  the  sail  shall  so  long  live  ;  or  until  shall  at- 
tain I  he  age  of  years,  if  he  so  long  live  :  And  from  and  after  the  day  last 

mentioned,  the  said  principal  sum.  and  the  interest  so  compounded,  shall  be 
added  together  as  a  new  capital,  on  which  the  said  Company,  as  the  Trustee! 

of  the  said  .  shall  and  will  allow  and  pay  to  him,  yearly  and  every 

year  during  his  natural  lite,  an  Annuity  of  ,in  equal  payment* of  

each,  to  be  made  on  the  day  of  ,  and  ,  in  each  year.    And  the 

said  annuity  being  intended  for  the  sole  and  separate  use  of  the  said  , 

it  is  hereby  declared  not  to  be  assignable  by  him,  in  whole  or  in  part,  nor  in 
any  manner  to  be  liable  for  his  debts.  And  each  payment  is  to  be  made  on  his 
separate  receipt  ,  dated  on  or  subsequent  to  the  several  days  on  which  the 
several  payments  shall  fall  due. 

And  it  is  further  declared,  That  if  the  said  shall  die  before  the 

day  on  which  the  said  Annuity  is  to  commence,  the  said  Company  shall  and 

will,  within  days  alter  proof  of  such  decease,  pay  the  said  principal  sum, 

with  interest  thereon,  at  the  annual  rate  of  per  cent,  to  . 

And  it  is  further  declared,  that  if  the  said  shall  die  after  the  day 

from  which  the  said  Annuity  is  to  commence,  the  said  Company,  within 
days  after  proof  of  such  decease,  shall  and  will  pay  the  said  new  capital  so 
formed  as  aforesaid,  together  with  such  arrears  of  the  Annuity  a6  shall  have 
accrued  at  the  time  of  such  decease,  to  . 

In  witness  whereof,  the  JW  w-  Work  Life  Insurance  and  Trust  Company  have, 
by  their  President  and  Sivreta  ry,  duly  empowered  for  this  purpose,  signed  and 

delivered  this  contract,  this  day  of  ,  one  thousand  eight  hundred 

and  


No.  6. 

DEFERRED  ANNUITY  IN  TRUST 
(female.) 

The  New-York  Life  Insurance  and  Trust  Company  acknoxvledge  to  have 

received  of  the  principal  sum  of  ,  upon  the  following 

irrevocable  Trust:  That  the  said  Company,  as  the  Trustees  of  , 

a  minor  now  of  the  age  of  ,  shall  and  will  accumulate  the  said  princi- 
pal sum,  by  allowing  compound  interest  thereon  at  the  annual  rate  of  

per  cent,  until  the  day  of  ,  in  the  year  of  our  Lord  one  thou- 
sand eight  hundred  and  ,  if  the  said  shall  so  long  live ; 

or  until  shall  attain  the  age  of  years,  if  she  so  long 

live :  And  from  and  after  the  day  last  mentioned,  the  said  principal  sum,  and 
the  interest  so  compounded,  shall  be  added  together  as  a  new  capital,  on 

which  the  said  Company,  as  the  Trustees  of  the  said  ,  6hall 

and  will  allow  and  pay  to  her  yearly,  and  every  year  during  her  natural  life, 

an  Annuity  ,  in  equal  payments  of  each,  to  be  made  on 

the  day  of  and  ,  in  each  year.    And  the  said  Annuity 

being  intended  for  the  sole  and  separate  use  of  the  said  ,  it  is 

hereby  declared  not  to  be  assignable  by  her  in  whole  or  in  part,  nor  in  any 
manner  to  be  liable  for  her  debts,  nor  to  the  debts,  interference,  or  control,  of 
any  present  or  future  husband  of  the  said  .    And  each  pay- 


rnent  is  to  be  made  trti  her  separate  receipt,  dated  on  or  subsequent  to  the 
several  days  on  which  the  several  payments  shall  fall  due. 

And  it  is  further  declared,  That  if  the  said  shall  die  before 

the  day  on  which  the  said  Annuity  is  to  commence,  the  said  Company  shall 

and  will,  within  days  after  proof  of  such  decease,  pay  the  said 

principal  sum,  with  interest  thereon,  at  the  annual  rate  of  per 

cent,  to  

And  it  is  further  declared,  That  if  the  said  shall  die  after  the 

day  from  which  the  said  Annuity  is  to  commence,  the  said  Company,  within 
 days  alter  proof  of  such  decease,  shall  and  will  pay  the  said  new  capi- 
tal so  formed  as  aforesaid,  together  with  such  arrears  of  the  Annuity  as  shall 
have  accrued  at  the  time  of  such  decease,  to  

In  witness  whereof,  the  New -York  Life  Insurance  and  Trust  Company 
have,  by  their  President  and  Secretary,  duly  empowered  for  this  purpose, 

signed  and  delivered  this  contract,  this  day  of  ,  one  thousand 

eight  hundred  and  . 


No.  7. 
ANNUITY. 

The  New- York  Life  Insurance  and  Trust  Company,  in  consideration  of 

 dollars,  cents,  to  them  in  hand  paid  by  ,  of  , 

in  the  state  of  ,  for  the  purchase  of  an  Annuity  on  the  life  of 

 ,  of  ,  in  the  state  of  ,  the  same  being  provided  by 

the  said  ,  for  the  said  ,  do  hereby  promise  and 

agree  to  and  with  the  said  ,  executors,  administrators,  or 

assigns,  that  they  will  yearly,  and  every  year,  during  the  natural  life  of  the 
said  ,  pay  or  cause  to  be  paid,  on  demand,  at  their  office  in  New- 
York,  to  the  said  ,  the  sum  of  dollars,  in  payments,  on 

the  days  of  in  each  and  every  year  during  the  natural  life  of  the 

said  ,  the  first  payment  to  be  made  on  the  —  day  of 

 next. 

And  it  is  understood  and  agreed,  that  this  Annuity  is  granted  upon  the 

declaration  signed  by  the  said  ,  and  deposited  with  the  Company, 

stating  that  the  said  was  born  on  the  day  of  ,  one  thou- 
sand  hundred  and  ,  and  that  if  the  said  declaration  is  not  true,  then 

these  presents  shall  be  void,  and  the  said  consideration  shall  be  retained 
by  the  said  Company  to  their  use. 

In  witness  whereof,  the  said  New-York  Life  Insurance  and  Trust  Com- 
pany have,  by  their  President  and  Secretary,  duly  empowered  for  this  pur- 
pose, signed  and  delivered  this  contract,  this  day  of  ,  one 

thousand  eight  hundred  and  . 


No.  8. 

TRUST  OF  ACCUMULATION. 

The  New-  York  Life  Insurance  and  Trust  Company  acknowledge  to  have 

received  of   ,the  principal  sum  of  ,  upon  the  following 

Trust :  That  the  said  Company,  as  the  Trustees  of  ,  a  minor 

of  the  age  of  .shall  and  will  accumulate  the  so  id  principal  sum  for  the 


benefit  of  the  Mid  minor,  by  allowing  Compound  Interest  Uiereou,«  the  rait 

of  per  cent,  annually  ;  such  accumulation  to  cease  when  the  mud 

minor  shall  have  attained  the  age  of  twenty-one  years ;  and  the  whole 

sum,  principal  and  interest,  so  accumulated,  to  be  paid  to  the  said  

_  ,  within  days  thereafter.  And  if  the  said  minor  shall  die  be- 
fore  shall  attain  the  age  of  twenty-one  years,  it  is  further  declared, 

that  the  said  Company  shall  and  will  pay  the  said  principal  sum,  together 

with  interest  thereon, at  the  rate  of  percent,  annually,  within  sixty 

days  after  proof  of  decease  to 

In  witness  whereof,  the  said  Company  have  caused  this  declaration  to  be 

attested  in  their  behalf  by  their  President  and  Secretary,  this  day  of 

 in  the  year  of  our  Lord  one  thousand  eight  hundred  and  . 


No.  9. 

AN  ANNUITY  IN  TRUST.  (S.  Male.) 

The  JVcw-York  Life  Insurance  and  Trust  Company  acknowledge  to  have 

received  of  ,  the  principal  sum  of  ,  upon  the  following 

Trust :  That  the  6aid  Company,  as  the  Trustees  of  ,  shall  and 

will,  yearly  and  every  year,  during  the  natural  life  of  the  said  , 

pay  to  him  an  annuity  of  ,  in  equal  payments  of  each, 

to  be  made  on  the  days  of  ,  in  each  year,  and  the  first  paymeDt 

to  be  made  on  the  day  of  next.    And  the  said  annuity  being 

intended  for  the  sole  and  separate  use  of  the  said  ,  it  is  hereby 

declared  not  to  be  assignable  by  him  in  whole  or  in  part,  nor  in  any  manner 
to  be  liable  for  his  debts.  And  each  payment  is  to  be  made  on  his  receipt, 
dated  on  or  subsequent  to  the  several  days  on  which  the  several  payments 
shall  fall  due. 

And  it  is  further  declared,  That  within  sixty  days  after  proof  of  the  decease 

of  the  6aid  ,  the  said  Company  shall  and  will  pay  the  said 

principal  sum  of  ,  and  all  interest  due  thereon  at  the  time  of  the 

death  of  the  said  ,  to  . 

In  witness  whereof,  the  said  Company  have  caused  this  Declaration  of 
Trust  to  be  attested  in  their  behalf,  by  their  President  and  Secretary,  this 

 day  of  ,  in  the  year  of  our  Lord  one  thousand  eight  hundred 

and  . 


No.  10. 

AN  ANNUITY  IN  TRUST.  (S.  Female.) 

The  JVew-York  Life  Insurance  and  Trust  Company  acknowledge  to  have 

received  of  the  principal  sum  of  upon  the  following 

irrevocable  Trust:  That  the  said  Company,  as  the  Trustees  of  — — , 

shall  and  will,  yearly  and  every  year,  during  the  natural  life  of  the  said 

 ,  pay  to  ht?r  an  annuity  of  ,  in  equal  payments 

of  each,  to  be  made  on  the  days  of  in  each  year,  and 

the  first  payment  to  be  made  on  the  day  of  next.    And  the 

said  annuity  being  intended  for  the  sole  and  separate  use  of  the  said  — — 
— — ,it  is  hereby  declared  not  to  be  assignable  by  her  in  whole  or  in  part, 
nor  in  any  manner  to  be  liable  for  her  debts, nor  to  the  debts,  interference,  or 
control  of  any  present  or  future  husband  of  the  said  .   .  And 


39 


each  payment  is  to  be  made  on  her  separate  receipt,  dated  on  or  subsequent 
to  the  several  days  on  which  the  several  payments  shall  fall  due. 

And  it  is  further  declared,  that  within  Bixty  days  after  proof  of  the  de- 
cease of  the  said  — 1  >  the  said  Company  shall  and  will  pay  the 

said  principal  sum  of  ,  and  all  interest  due  thereon  at  the  time  of  the 

death  of  the  said  ,  to  

In  witness  whereof,  the  said  Company  have  caused  this  declaration  of  trust 

to  be  attested  in  their  behalf,  by  their  President  and  Secretary,  this  

dav  of  in  the  year  of  our  Lord  one  thousand  eight  hundred  and  


No.  11. 
CERTIFICATE  OF  TRUST. 

These  may  certify,  that  has  deposited  with  the  New-York 

Life  Insurance  and  Trust  Company,  the  sum  of  ,  for  the  period  of 

 ,  commencing  on  ,  and  ending  on  ,  and  irredeemable 

for  that  period  ;  interest  to  be  paid  thereon  by  the  said  Company  half  yearly, 
at  their  Office  in  the  City  of  New-York,  at  the  rate  of  per  cent,  an- 
nually to  the  said  ,  or  special  attorney  or  legal  repre- 
sentatives.   At  the  end  of  the  time  of  deposite,  the  said  principal  sum,  with 

the  interest  then  due,  to  be  paid  to  the  said  ,  or  special 

attorney,  representatives,  or  assigns.  This  Certificate  is  assignable  only 
on  the  books  of  the  Company. 

In  witness  whereof,  the  said  Company  have  caused  this  Certificate  of 
Trust  to  be  attested  in  their  behalf  by  their  President  and  Secretary,  this 

 day  of  ,  in  the  year  of  our  Lord  one  thousand  eight  hundred 

and  . 


No.  12. 

DEPOSIT  IN  TRUST. 

These  may  certify,  that  the  New-York  Life  Insurance  and  Trust  Company 
have  received  of  the  sum  of  ,  in  Trust ;  that  the  said  Com- 
pany will  retain  the  same,  and  allow  interest  thereon  at  the  annual  rate  of 

 per  cent,  for  the  term  of         months  from  the  date  of  this  Certificate ; 

and  at  the  expiration  of  that  period,  will  repay  the  same,  with  the  interest 
accrued  thereon,  to  the  said  ,  —  personal  representatives,  or  as- 
signs.   This  Certificate  is  assignable  only  on  the  books  of  the  Company. 


Extract  from  the  regulations  of  the  Company,  subject  to  which  the  above  Cer- 
tificate is  given . 

All  moneys  deposited  in  Trust  for  a  shorter  term  than  one  year,  shall  be  deposited  for  a  certain 
number  of  months,  not  less,  in  any  ense,  than  two  months  from  the  date  of  the  deposit. 

In  all  cases  where  the  moneys  deposited  shall  not  be  withdrawn  at  the  expiration  of  the  term  of 
deposit,  they  shall  remain  with  the  Company  for  another  period  of  not  less  than  thirty  days,  and  be 
allowed  the  same  interest  as  if  originally  deposited  fur  the  extended  period. 

Where  moneys  so  deposited  for  a  period  less  than  a  year  shall  have  remained  in  deposit  for  sixty 
days,  the  same  may  be  withdrawn  at  any  time  thereafter,  and  before  the  period  for  which  tbo  deposit 
was  originally  ma.de.  hut  in  such  cases  no  interest  will  be  paid  on  such  deposit. 


.].-  Letters  on  business  must  be  addressed  to  William  Bard,  President 
of  the  New-York  Life  Insurance  and  Trust  Company — postage  paid. 

The  hours  of  business  will  be  from  10  A.  M.  to  3  P.  M. 


